28.) Intangible assets generally must possess some or all of the following: lack of physical substance, degree of uncertainty concerning future benefits, have value only to a given enterprise, have indeterminable lives and be subject to large fluctuations in value because their benefits are based on a compelitive advantage. A. TRUE B. FALSE 29.) According to GAAP net present value is the basis for valuation of all fixed assets used in the business. One of the reasons for this position is that at acquisition date, cost reflects net present value. A. TRUE B. FALSE 30.) Historical cost is measure by: A. The cash price of obtaining the asset. B. The cash price of obtaining the asset plus any sales tax on the asset. C. The cash or cash equivalent price and all other necessary costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. 31.) Fixed assets have which characteristics that are different from inventory? A. They are capitalized on the balance sheet. B. They are short term and generally not subject to depreciation. C. They are acquired for use in the business operations, not for resale. D. Both b and c